So historically, we've spent between 5% and 6% of revenues fairly consistently on CapEx. You know, the $80 to $90 million is roughly in that range that we anticipate spending this year and covers 20 full renovations, a portion of which are end-of-franchise PIPs. and then all of the other CapEx needs for our hotels, which include equipment and parking lots and exterior facade, roofs. When we look at that and we look at our exposure to tariffs, it's a fraction of the total amount that we intend to spend. And in today's environment, Liz has highlighted that there is a tremendous amount of noise. It's important to reemphasize the fact that we're continuing to run really strong occupancies with the potential to potentially grow rate. You know, I think relative to our peers, we have a meaningfully stronger balance sheet and feel absent a massive pullback, which we do not currently anticipate in the macroeconomic environment. It's prudent for us to proceed and to perform the renovations as we currently intend.

May 2, 2025 / CFO / receipt, needs a key / Justin Cappos, CFO | earnings call 2025-05-02 | transcript e91cb760-8f5c-4e02-8c76-357253d94054 | chars 31630-32648 | segment 31